Nurture your clients

24 November 2010

As with every relationship, knowing your clients well, understanding their needs, drivers and desires, and responding appropriately are all critical.
Having now emerged from the worst of the GFC, it is time to reset your focus from solving problems that originated in the past to building relationships for the future.  To achieve this you must ensure you have addressed any burning concerns, calmed unsettled clients and are listening to what they want going forward

Review your clients’ satisfaction through a survey
It can be challenging to survey your clients and read their feedback, but it provides invaluable insights into what is really happening from their perspective.  Hearing the truth, uncensored, will probably open your eyes to some key considerations that may not otherwise have occurred to you. Once you know how satisfied they are, what drives their satisfaction levels and specific areas where you are meeting or not meeting their expectations, you will know what needs to change.

Make real changes
If you ask, you must act.  You must make changes to improve your service delivery, and make sure your existing clients are aware that you have acted on their feedback.  The changes required could be anything from turnaround times, to regularity of communications, to the way they are greeted at reception.  And staff need to understand why you are making the changes and how they can get involved.

Ask for referrals
Many planners we work with are uncomfortable to ask clients for referrals, often because of poor past experiences.  However, once you are sure that your client is satisfied with your service delivery, it is a missed opportunity not to ask.  

But asking for referrals is more art than science, and it requires timing, confidence and clarity:

• Timing: ask the client at an appropriate time, and give them time and opportunity to respond – which may not be on the spot.
• Confidence: practice with your most loyal clients first to gain experience and build the confidence to ask the more challenging clients.
• Clarity: you need to communicate your message very clearly so clients understand your ideal target client and how to briefly but effectively position you.

Contact Macquarie Practice Consulting to find out how to nurture your clients and generate more client referrals.

About Macquarie Practice Consulting
Macquarie Practice Consulting works with financial planners to help increase the performance of their practice. Find out more